This week, Bloomberg examines how Intel CEO Lip-Bu Tan is endeavoring to salvage one of Silicon Valley’s most legendary yet faltering chip manufacturers. It’s certainly worth perusing, but it actually downplays the most astonishing aspect of the narrative: Intel’s stock has surged an incredible 490% in the last year, a wager by Wall Street that might be outpacing the company’s genuine recovery.

Tan, who assumed the role in March of the previous year, has devoted a significant portion of his inaugural year to networking instead of restructuring — securing a favorable arrangement with the U.S. government (now Intel’s third-largest stakeholder), forming ties with Elon Musk regarding a factory collaboration, and allegedly achieving initial manufacturing contracts with both Apple and Tesla.

The underlying issues remain complicated. Intel’s chip output lags significantly behind industry frontrunner TSMC, and Bloomberg reports that Tan has been vague on specifics internally, with certain teams adjusting missed deadlines rather than rectifying them.

However, investors are placing substantial bets on the broader vision. Whether the execution will follow through is the multi-billion-dollar inquiry.